Market watcher Zach Rector outlines six reasons XRP is poised for a more significant price increase over the next few weeks.
XRP and the broader crypto market have been in a corrective phase in the past few days. As a result, XRP currently trades below the psychological $0.6 threshold. In mid-July, XRP caused a significant sensation in the crypto market when it rallied to $0.6366, its highest value since April.
While the asset has lost a fraction of the gains, prominent market watchers like Zach Rector have reasons to believe more pumps are underway. In an analysis today, Rector identified six key reasons supporting a bullish perspective for XRP.
Six Reasons Why XRP Will Pump Higher
Topping the list is the conclusion of the nearly four-year-old Ripple lawsuit, which Rector highlighted its ultimate resolution is now any day. This perspective draws from commentaries of Ripple CEO Brad Garlinghouse. In a TV interview last week, Garlinghouse disclosed that a resolution is happening “very soon.”
As a result, Rector urged XRP enthusiasts to be ready for development, recalling the scenario that played out after the July 2023 ruling that XRP is not a security. In particular, the price of XRP doubled within 24 hours, coming close to $1.
Secondly, Rector cited that Ripple will be able to provide its XRP-based payment solution to U.S. customers following the lawsuit. He believes this could be a significant bullish catalyst for XRP as it potentially increases its adoption.
Thirdly, he referenced the imminent launch of Ripple’s stablecoin RLUSD, which will be launched on the XRP Ledger and Ethereum blockchains. He stressed that the stablecoin will bring a new wave of liquidity into the XRPL ecosystem.
Notably, Ripple executives, including its CEO and CTO David Schwartz, have reiterated that the coming of RLUSD is beneficial to XRP.
Furthermore, Rector highlighted the projected arrivals of XRP ETFs as another bullish catalyst to keep in mind. He noted that they already live in Europe and will soon be in the U.S. According to him, multiple XRP ETFs will bring a lot of liquidity, driving XRP’s value higher.
Meanwhile, Rector noted that broader U.S. cryptocurrency regulations could surface next year after the U.S. elections. The community pundit believes it is a bullish catalyst for the entire space, and Ripple’s compliance-first mindset perfectly positions XRP.
Inflation as Another Catalyst for XRP
Finally, Rector noted that there will be more money printing regardless of who gets elected president of the United States. Considering the inflationary pressure from such action, he urged XRP enthusiasts to “get prepared” and load their bags as crypto assets could be a haven.
